Last week, the local bourse closed on a bullish note with the NGX-ASI gaining 0.8% w/w to close at 120,990.27 points. Consequently, YTD return improved to 17.6% (previously 16.6%), while market capitalisation advanced to ₦76.3tn.
Across our coverage sectors, performance was bullish as five indices closed in the positive territory while the Industrial Goods index shed 2.1% w/w. The Insurance and Consumer Goods indices surged 5.9% and 4.1% w/w, respectively. Similarly, the Oil & Gas and Banking indices nudged higher by 0.8% and 0.1% w/w. Finally, the AFR-ICT index rose 0.1% w/w.
The Investor sentiment, as determined by market breadth, strengthened to 4.2x (previously 4.2x). This week, We expect the bullish streak to be sustained, in the absence of any negative shocks.
